According to TechFlow, on August 6, Coindesk reported that Cathie Wood's investment management company ARK Invest took advantage of the sharp market drop on Monday to buy Coinbase (COIN) and Robinhood (HOOD) stocks for the first time in several months.

ARK purchased $17.8 million in COIN, its first purchase of shares in the cryptocurrency exchange since it bought $21.6 million worth of COIN on June 6, 2023. ARK also added $11.2 million worth of shares in the crypto-friendly online brokerage Robinhood, its first purchase of HOOD since February 13.

COIN shares fell 7.3% on the day to close at $189.47, while HOOD fell 8.17% to $16.42. ARK typically increases its holdings when stock prices decline, hoping to profit when prices recover. After this transaction, COIN accounts for 8.55% of ARK's Innovation ETF (ARKK), 6.73% of the Next Generation Internet Fund (ARKW), and 9.72% of the Fintech Innovation ETF (ARKF).